In the last update I mentioned getting the little volume I wanted to see. That happened right after a BO attempt failed, and the following contraction remained tight. That tightness seems pretty strong to me. Today it made a nice move back towards the point of least resistance, looking like it wants to make another BO attempt. Because of that, I really, really want to place an order at that point for a favorable R/R trade.
However, as nice as that looks, earnings will be reported tomorrow after the close. It’s killing me, but I have to pass on the trade. Earnings add too much risk and skew the R/R ratio no matter how much I like the setup.
Perhaps I’ll get a chance to place an order later in the week, but for now, I’ll just sit on my hands and let it do what it do. 😒
